Nowadays, Forex trading is available to anyone who is eager to make money in financial markets online. Without any question, Forex is considered to be the world’s biggest financial market with trillions of dollars turned over on a daily basis and millions of market participants trading and exchanging currencies, not to mention hundreds of broking companies and dealing centers catering the industry. The industry keeps evolving on a regular basis, with brokers being focused on innovation amid growing competition. That is why trading has become sophisticated as never before.
More new traders come, thereby expanding the industry. Still, most of them cannot do without external support and guidelines to get themselves up and running relatively fast. Endless streams of data, dozens of charts and indicators attached to them… it is getting more and more difficult for contemporary traders (especially beginners) to analyze all the required information.
Obviously, in today’s highly competitive Forex industry, more and more companies understand that they just have to be client-oriented in order to survive in the long run. These broking companies get focused on constant development and innovative technologies, thereby offering their clients innovative solutions in order to help them get a competitive edge over the market.
GKFX is one of such client oriented companies. It has always been focused on the ways and means to make trading as comfortable and efficient for their clients as possible. Not so long ago, the company improved market depth. Let’s have a closer looks at the improvement:
Level II Market Depth
There is a dedicated webpage on the company’s official website. It reads:
GKFX offers its clients maximally transparent trading on the Forex market.
For the convenience of traders, the Level II service is available on GKFX ECN. Market Depth is available in the form of a separate application called GKFX.Level2, which significantly expands the possibilities of the popular MetaTrader 4 platform.
Functionality of GKFX ECN Level II
Display of the company’s current liquidity gives traders more in-depth information about the market.
One-click trading significantly improves the effectiveness of traders who rely on quick entry to achieve desired results (scalping, pipsing).
Creating pending orders.
Setting the SL and TP values when opening orders.
Instant volume-weighted average price calculation.
Close all open orders and delete pending orders (may be done for a particular instrument only).
http://www.youtube.com/watch?feature=player_embedded&v=B4ElG5-Rw8k
Description of GKFX ECN Level II
1. Order volume in lots. When you click the Buy or Sell button, a market order with the volume as shown in the window is sent to the company. The instrument being traded is displayed in the application’s heading.
2. Buy Button. Sends a market order to buy.
3. Sell button. Sends a market order to sell.
4. Execution of Market orders as Limit orders:
When "Markets as Limits" is activated, by clicking BUY a limit order will be placed (BUY LIMIT) at the current Ask price and by clicking SELL a limit order will be placed (SELL LIMIT) at the current Bid price;
If a SL and/or TP is indicated, a limit order will be placed immediately with the indicated SL and TP values;
When the "Markets as Limits" is not activated, when you click BUY or SELL a regular market order will be sent;
Sending a Market order as a limit order will guarantee the execution price (no worse than what was indicated ), but does not guarantee that the order will be executed.
5. Current spread for the instrument being traded.
6. Volume-weighted average buy price. This price is calculated based on the chosen volume and instrument and the liquidity of the market. This price is indicative and is for informational purposes. The final price may differ from the one calculated.
7. Volume-weighted average sell price. This price is calculated based on the chosen volume and instrument as well as the liquidity of the market. This price is indicative and is for informational purposes. The final price may differ from the one calculated.
8. Choice of type of pending order for buy or sell.
9. Price at which Stop or Limit order is placed.
10. Submit Limit order Buy or Sell at the indicated price with SL and TP values set (not required).
11. Submit Stop order Buy or Sell at the indicated price with SL and TP values set (not required).
12. Stop Loss level, displayed in pips*.
13. Take Profit level, displayed in pips*.
14. Volumes corresponding to the Ask price (shown in lots in MT4).
15. Ask price - Price at which clients open buy orders. The Company always strives to provide the best possible prices for the client by using several liquidity providers (description of GKFX ECN).
16. Volumes corresponding to the Bid price (shown in lots in MT4).
17. Bid price - Price at which clients open sell orders. The Company always strives to provide the best possible prices for the client by using several liquidity providers (description of GKFX ECN).
18. Aggregate liquidity volumes corresponding to the Bid price (shown in lots in MT4).
19. Aggregate liquidity volumes corresponding to the Ask price (shown in lots in MT4).
20. Close all open orders (including deletion of all submitted pending orders).
21. Close all open orders (including deletion of all submitted pending orders) for a chosen instrument.
22. Change the appearence of market depth window - Capability of hiding unused modules of GKFX.Level2.Advisor Market Depth.
* For limit orders the SL and TP values are calculated based on the price of the submitted order. These values are established as soon as the order is opened.
When a market order is submitted with SL and TP values, it is necessary to take into account that SL and TP orders are not incorporated at the moment the market order is submitted but only after the position is opened and the entry price has been obtained. The procedure takes a certain amount of time during which the price may change. As such, the SL and TP levels may be incorrect relative to the current market price. In this case, SL and TP will not be submitted, and in the terminal log (“Expert” tab) an entry will appear saying that the SL and TP levels are incorrect.
Attention:
Quotes provided in Level II are indicative. The final price of the trade may be either more or less favorable than the indicative price.
Each click of the Buy or Sell button sends an instruction to the trading server. If after clicking the button you don’t see the position in the list of open positions, before continuing to trade you should check the Market Depth log. If the information provided in the log is insufficient, we recommend getting in touch with us. The application keeps a record of all logs in the file directory: C:\Users\%USERNAME%\AppData\Local\GKFX\Level2\logs\%LOGIN%-%SYMBOL%-%DATE%.log
